qBotica, a Phoenix-based artificial intelligence startup, has secured $1 million in seed funding to expand its robotic process automation platform.
The funding was invested by Peacock Ventures, a micro venture capital firm focused on helping frow the B2B industry. qBotica will use the funding to boost its hiring efforts, as well as expand its RPA platform. Rohit Reddy, a founding member of Peacock Ventures, referred to the firm’s investment by stating:
“qBotica is our first investment in the RPA market. qBotica’s thesis focuses on opportunities to leverage Artificial Intelligence to increase value and decrease costs. We expect the RPA market to continue to grow at a compounded annual rate of 55 percent over the next 4 years and qBotica is well positioned, under Mahesh’s leadership, to capture more of this growing market. We have tremendous confidence in the passionate product and sales team members to continue to pierce through new clients and deliver this amazing software solution. We are thrilled to be a part of it.”
qBotica has developed several platforms to help B2B enterprises automate their workflow in different areas, including intelligent document processing and discovery, process transformation, RPA BOT development, and business process optimization. The startup´s solution has already been used by several Fortune 500 companies to gain actionable insights to remove inefficiencies in their internal procedures.
With 90% of large organizations being expected to use some form of RPA by 2022, qBotica is disrupting the market at a time investment and interest in RPA is especially high. According to Gartner, the global RPA software market is set to be worth nearly $2 billion this year, a 19.5% increase when compared to 2020. The increasing demand for RPA solutions is attributed by the firm to the COVID19 pandemic in great part, which has forced companies to optimize their workflows.